Dolly Varden Silver Has Commenced Diamond Drilling to Expand and Upgrade the Growing Silver Deposit at Torbrit

VANCOUVER, BC, July 6, 2021 /CNW/ – Dolly Varden Silver Corporation (“Dolly Varden” or the “Company“) (TSXV: DV) (OTC: DOLLF), is pleased to announce that drilling has commenced at the Dolly Varden Silver Project, located near tidewater in northwest British Columbia. The initial surface diamond drill program will consist of 10,000 meters split 50/50 between infill and expansion of the high-grade, potentially bulk-mineable silver resource at the Torbrit deposit and regional exploration of multiple, highly prospective targets throughout the Property.

The 2021 Drilling Program is the first Phase of a two-year goal to aggressively expand and upgrade the Torbrit Silver Deposit and multiple silver-rich satellite zones with the objective of advancing Dolly Varden to be the next high-grade pure silver mine in British Columbia.

“We are excited to start the 2021 drill program at Torbrit Silver Deposit, where the recently geological modeling and interpretation suggests multiple areas to expand and upgrade the Mineral Resource. This drilling should lead to a much better understanding the deposit, new resource expansion areas and give us additional confidence to apply preliminary bulk underground mining designs and more advanced economic studies. Additionally, we will be testing some new very exciting exploration targets that developed subsequent to the 2020 exploration program.” said Shawn Khunkhun, CEO of Dolly Varden.

Drilling at Torbrit will be targeting areas within the updated block model where a high percentage of inferred resources exist and where the higher silver grade blocks are at the outer edges of the model (Figure 1). It is these areas that have the potential to expand the model out along the Torbrit horizon. In addition, infill drilling from 2020 indicates that a number of lenses that have been modelled out as separate zones coalesce in places into one continuous mineralized body creating an opportunity for expansion.

Torbrit Deposit

Torbrit is high-grade silver deposit that is potentially amenable to low-cost underground bulk mining methods. It is the largest portion of the four silver deposits that make up the current 43-101 Mineral Resource at the Dolly Varden Silver Project and the largest pureplay silver Project in British Columbia and Canada. Modern mining and processing occurred on the Property during the 1950’s and 60’s, in addition to direct-shipping silver mines throughout the Property during the first half of the 20^th century. Underground workings are accessible from a road bed that connects the to deep tidewater docks at Alice Arm, BC. Work during 2021 will upgrade the road to the deposit, potentially in conjunction with other Companies operating in the area.

Resource modelling at the Torbrit Silver Deposit included integrating the 2019 and 2020 drilling results which has increased the understanding and confidence in the existing resource to target specific areas of the deposit for conversion from Inferred to Indicated/Measured resource categories. Drill holes have been planned from existing historic surface infrastructure to infill within the current block model and to expand the limits of known mineralization or satellite Zones. Additionally, geotechnical logging will be completed for upcoming mining studies.

Quality Assurance and Quality Control

The QA/QC procedures are overseen by the Qualified Person, Rob van Egmond, P.Geo., Chief Geologist. The Company adheres to CIM Best Practices Guidelines for exploration related activities conducted on its property.

Qualified Person

Rob van Egmond, P.Geo, Chief Geologist for Dolly Varden Silver, is the “Qualified Person” as defined by NI43-101. He has reviewed, validated and approved the scientific and technical information contained in this news release and supervises the ongoing exploration program at Dolly Varden Silver.

About Dolly Varden Silver Corporation

Dolly Varden Silver Corporation is a mineral exploration company focused on exploration in northwestern British Columbia. Dolly Varden has two projects, the namesake Dolly Varden silver property and the nearby Big Bulk copper-gold property. The Dolly Varden property is considered to be highly prospective for hosting high-grade precious metal deposits, since it comprises the same structural and stratigraphic setting that host numerous other high-grade deposits (Eskay Creek, Brucejack). The Big Bulk property is prospective for porphyry and skarn style copper and gold mineralization similar to other such deposits in the region (Red Mountain, KSM, Red Chris).

Forward Looking Statements

This release may contain forward-looking statements or forward-looking information under applicable Canadian securities legislation that may not be based on historical fact, including, without limitation, statements containing the words “believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “potential” and similar expressions. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Dolly Varden to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Forward looking statements or information relates to, among other things, completion of the Offering, Exchange approval of the Offering, the use of proceeds with respect to the Offerings, the results of previous field work and programs and the continued operations of the current exploration program, interpretation of the nature of the mineralization at the project and that that the mineralization on the project is similar to Eskay and Brucejack, results of the mineral resource estimate on the project, the potential to grow the project, the potential to expand the mineralization, the planning for further exploration work, the ability to de-risk the potential exploration targets, and our beliefs about the unexplored portion of the property. These forward-looking statements are based on management’s current expectations and beliefs but given the uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements or information. The Company disclaims any obligation to update, or to publicly announce, any such statements, events or developments except as required by law.

For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion & analysis (“MD&A”), which is available on SEDAR at www.sedar.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this news release.

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SOURCE Dolly Varden Silver Corp.

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